Economic report: All eyes on ECB decision

• Equity markets steady ahead of European cash open

• ECB expected to boost PEPP programme today

• US jobless claims seen at 1800k

European futures trade below but close to yesterday's cash session close. Markets await a move from ECB and it is widely expected that the Bank will act today. European retail sales for April will be released today as well but markets seldom react to this release. Apart from that, investors will be served US jobless claims report and trade balance data.

9:30 am BST - UK, construction PMI for May. Expected: 29.7. Previous: 8.2

10:00 am BST - Euro area, retail sales for April. Expected: -15% MoM. Previous: -11.2% MoM

12:45 pm BST - ECB monetary policy decision. ECB decision is unquestionably the most important event of the day. While no change to the levels of interest rates is expected, it is believed that the Bank will boost its PEPP programme. President Lagarde will hold a press conference at 1:30 pm BST. We encourage you to take a look at our more detailed analysis of the event released yesterday (Market alert: What to expect from the ECB meeting?)

1:30 pm BST - US, trade balance for April. Expected: -49 billion USD

1:30 pm BST - US, jobless claims. Expected: 1800k. Previous: 2123k

3:30 pm BST - EIA natural gas stockpiles. Expected: 110 bcf. Previous: 109 bcf